The engagement reaffirmed the long-standing relationship between the two institutions and provided an opportunity to explore how academia and the financial sector can work together to unlock opportunities for students, staff, alumni, and the broader Ugandan community.
On 5th March 2025, the Vice Chancellor, Makerere University, Prof. Barnabas Nawangwe, paid a courtesy visit to Stanbic Bank Uganda’s Chief Executive Officer, Mr Mumba Kalifungwa. The purpose of the visit was to explore areas for further collaboration with Stanbic Bank Uganda to strengthen innovation, entrepreneurship, and strategic investment.
The engagement reaffirmed the long-standing relationship between the two institutions and provided an opportunity to explore how academia and the financial sector can work together to unlock opportunities for students, staff, alumni, and the broader Ugandan community.
A photo showing the meeting delegation from Stanbic Bank Uganda and Makerere University.
Discussions during the meeting focused on innovation and entrepreneurship support, student development programs, infrastructure partnerships, and investment opportunities linked to the University’s strategic development agenda.
Driving Innovation and Youth Entrepreneurship
During the engagement, the Vice Chancellor highlighted Makerere’s continued efforts to position itself as a research-led and innovation-driven university, emphasising the importance of partnerships with industry in translating academic research and ideas into practical solutions.
He underscored the need to empower young people with the skills and support required to create enterprises and generate employment opportunities, given Uganda’s fast-growing population, particularly the mushrooming young population. According to UBOS, by 2024, the young population was approximately 22.8 million persons out of a total population of 45.9 million people.
Prof. Barnabas Nawangwe giving his remark during the meeting.
“If we do not support young people to innovate and create enterprises, we risk facing serious economic and social challenges. The employment of the future will increasingly be created by young people themselves,” he noted.
Among the proposals discussed was the possibility of establishing a Stanbic-supported innovation competition, aimed at stimulating entrepreneurship and providing a platform for students and young innovators to transform ideas into viable businesses.
Such an initiative could build on existing innovation and incubation programs run at Makerere and Stanbic Bank while strengthening collaboration between academia and the private sector in supporting enterprise development.
Expanding Strategic Collaboration
Speaking during the meeting, Mr Mumba Kalifungwa, the Chief Executive Officer of Stanbic Bank Uganda reaffirmed the bank’s commitment to strengthening its partnership with Makerere University.
He noted that while the bank has long provided financial services to the university and its staff, there is a significant opportunity to deepen collaboration in areas that generate broader societal impact.
Mr. Mumba Kalifungwa addressing the meeting
“As an institution, we are interested in partnerships that go beyond financial services to create meaningful impact in society through the Stanbic Bank positive impact agenda. Education is one of the most important sectors through which we can drive that impact,” he noted.
The CEO also highlighted Stanbic Bank’s National Schools Championship program, which promotes innovation among secondary school students across Uganda, noting that a similar approach could potentially inspire initiatives at the university level.
Exploring Investment and Infrastructure Opportunities
The meeting also explored opportunities for collaboration in investment and commercialisation initiatives linked to university infrastructure and land assets.
University representatives shared insights into ongoing efforts to explore public–private partnership (PPP) models for strategic investments aimed at improving infrastructure and unlocking value from underutilised university assets.
Potential development opportunities discussed include projects related to hospitality facilities, commercial spaces, and other revenue-generating infrastructure within and around the university. Such initiatives could provide sustainable revenue streams for the university while creating opportunities for private sector participation in campus development.
Supporting Students, Staff, and Alumni
Additional discussions focused on expanding programs that benefit the wider Makerere community. These include financial literacy initiatives for students, expanded internship and graduate training opportunities, and collaborative programs to support student entrepreneurship and enterprise development.
The meeting also explored opportunities for collaboration in alumni engagement, leveraging Makerere’s extensive global alumni network to strengthen partnerships between the university and industry.
Programs aimed at improving financial preparedness and retirement planning for staff were also discussed, alongside potential housing and asset financing solutions tailored to the needs of university employees.
From the Left: Mr Awel Uwihanganye, Ms Hawa Kajumba and Ms Caroline Kainomugisha
“Through this partnership, we are exploring opportunities that support the entire Makerere community, from financial literacy and entrepreneurship programs for students to internship pathways, alumni engagement, and financial preparedness initiatives for staff. These efforts will be anchored within the renewed collaboration framework between Makerere University and Stanbic Bank Uganda,” said Mr Awel Uwihanganye, Chief Advancement Officer.
The Chief Advancement Officer further noted that these initiatives are expected to be anchored within a renewed Memorandum of Understanding (MoU) between Makerere University and Stanbic Bank.
A Shared Vision for Impact
Prof. Barnabas Nawangwe gifting, Mr. Mumba Kalifungwa the University Centennial Coffee table booklet
Both institutions expressed optimism about the potential of the partnership to contribute to national development by supporting innovation, enterprise creation, and the development of future leaders.
As Makerere University continues to strengthen its role as a leading research and innovation institution in Africa, partnerships with forward-looking institutions such as Stanbic Bank Uganda remain critical in advancing the university’s mission of generating knowledge, nurturing talent, and driving solutions that address national and global challenges.
